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is the white house. goldman sachs, these guys are continuing to run economic policy. it is goldman sachs. i am sorry. they're all goldman sachs alums. the bill back to goldman sachs. they go back into government. -- they all go back to goldman sachs. they go back into government. it is a white house issued. >> this goes back to the media in a way. i will go back to goldman sachs if i must. remember in august when there were about 1200 people doing civil disobedience around the white house protesting the keystone pipeline. the corporate mainstream media was like this on that. imagine if 1200 tea party members hitched themselves to the date of the white house. when occupy launched in september in new york and then moved across the country, suddenly there was more attention being paid to other movements. it exposed how the media has done such a disservice to this country in the last few years by saying there was one movement in this country, the tea party. there are many other movements. the occupy wall street movement has brought into sharper relief and force the media to pay attention to other
in the class of 2001 and immediately went to work for goldman sachs. as you probably know from reading the "new york times" he left in a high-profile way that a lot of people argued about. in some sense, the point he was making was that old man used to be a greedy type of firm in trying to build its long-run profitability by serving clients interest. his argument was that had changed. something in the operation of goldman said at people were more focused on their arsenal success and the success of their subunit. this is a topic that was very controversial here. i hope that we can have an interesting dialogue between greg and people in the audience. you probably have all sorts of different views. welcome back to stanford and we look forward to hearing what you have to say. >> [applause] thank you very much. can everyone hear me ok? is that a yes? it is a great privilege for me to be back here. like you said, the first time i ever came to america was the day i arrived at stanford. i associate stanford with a lot of great things, a lot of idealism and optimism and it is great to see a lot of famil
there was a big sec lawsuit against goldman sachs. there was a big hearing in front of carl levin where a lot of swear words were used on tv -- one particular word was used over 20 times because of how bankers spoke about these deals. the big argument for why it was ok to sell someone something without full disclosure or without telling them your intention was this idea that everyone is a big boy. if they come to play they deserve what is coming to them. even if there is a sense of deception or a sense of misleading them. now, i think a lot about the words fiduciary duty. this is a word thrown around a lot. but the essential meaning of it is that when someone is coming to you for advice, if you are bound by a fiduciary obligation you owe that client, that person, the duty of telling them what is in their interest in what is not in their interest. over the time i was at wall street, it has turned into the sense that a fiduciary duty is not owed to anyone. the big problem with that is i would argue many clients with hundreds of billions of dollars -- dosets to not understand not understand that
goldman sachs abby joseph cohen. she made a very smart call a couple months ago to remain in the markets. now she is making calls about that. i asked her, surely there are concerns out there. she said, many. so what are they? got to stay tuned for that interview david. i will send it back to you. david: it will be a busy good hour. see you in a couple minutes. let's get to today's action on east coast. we have peter kenny, knight capital managing director is warning of increased volatility. he says investors have to get defensive. ron weiner, whose last stock pick is up 8% since he told you to buy. he is back with more plays how you can make money. larry shover at the pits of the cme. larry, i want to start with you. let's mention the fed. the fed is meeting. they hunkered down. tomorrow they come out. any expectations from traders about what the fed might do? >> i think the expectation is there will not be any major policy change, although vernacular will probably change. that's what we're looking for. the labor market, they need to come out and say it is frustrating. they need to say s
today. goldman sachs, here is how they put it technically. they've removed apple from their conviction buy list and lowered the price target on the stock, so i presume, nicole, apple's opened lower. does it count, do the analysts count anymore? >> it's unbelievable, right now this market is picking up. apple was the tech darling. goldman sachs, when apple was at $700, and some of the insiders are talking about this today on the blogs, the market blogs, goldman sachs had a conviction buy list on apple from 700 all the way down to $428. only today do they remove it off the conviction buy list and put it to a buy rating and because they're concerned about demand. not only for apple, but it's down again. >> did they have a new price target from goldman for apple? >> they did. the price target now, they reduced the prices, 575, from 660. stuart: all right. we'll bear that in mind, shall we? thanks very much, nicole, we're up 41 points in the first couple of seconds. i've got big news on the health care front. health insurers, they're going to get more money than they expected next year runn
have to believe in the short-term, it's a buy trade with the goldman sachs earnings. people have expected better. the financials have done better. if the banks can get their feet under them for the medium term, you can possibly have this fee pushed lower by the unfortunate events in boston. >> bob, it's hard to separate the trading action yesterday. things looked pretty awful, even before the news out of boston and obviously changed the entire sentiment. but when you look back at the sell-off yesterday before that news at 3:00, how were things headed? i mean, it looked like things were maybe turning around a little bit earlier in the day. >> well, you would expect this kind of a sell-off if this was going to be the correction followed by consolidation. and then followed by a decision by the market, whether it was going to continue and go back up to new highs or whether it was going to retrade that 10% or 15% that people are calling for. you would really expect that who happen over a three to five-day period, rather. last time it happened in 2011, i believe it was six down days in
on these issues. a couple things i will say -- the professor mentioned the op-ed i wrote about goldman sachs. everything i said i very much believe is true to the industry. i do not think -- goldman is a smart firm and excellent firm at what it does. i do not think it practices are very different to the industry more broadly. when i wrote the book and the op-ed, i was using my career there as a view of what i think has become conflicted in the industry. the second thing i would say, i think a lot of people would would want to classify my views or this talk as in the occupy wall street camp or a different type of camp. i would say, i am very much a capitalist. i just have the view that free markets imply that the playing field is fair and there aren't a lot of conflicts of nterest. a big thesis of my book and what i was trying to get across in the op-ed is the fact that capitalism, at least in the financial industry, i no longer think is on an even playing field. i think advantages are stacked in favor of banks and against their clients. i will get to this more later on. let me tell you the t
, a policy that's kept interest rates low. goldman sachs cut its forecast for gold this year from 1 $610 an ounce down to $1545. the european commission said banks in cyprus agreed to sell off more than a half-billion dollars in gold reserves to pay creditors. china reported slower-than-expected economic growth for the first quarter of this year, which also affected copper prices. "copper is a widely used industrial metal, and if there's less construction, that's a major use of copper." added to the mix - a strengthening u-s dollar. other commodities affected: silver, down 13%; in london, copper fell to its lowest level since october, 2010. it's hurt mining stocks. oil also fell below $90 a barrel as analysts predict weaker-than-expected demand in europe. "i would look for this to turn around. it's just speculative selling." soft commodities - sugar, coffee and cocoa - were not greatly affected by the sell- off. in fact, sugar and coffee prices are already pretty low because of large surpluses. traders are paying close attention to foreign countries that buy and sell u.s. debt. new data
, but, first, goldman sachs crushing it today reporting first quarter earnings. why is the stock down? the profits rose 5% while revenue showed an increase of 1%, but revenue from certain areas like fixed income, currency, commodity trading, down from 7%. we have analysts that are questioning the effective pending bank regulation on goldman so the stock pulls back by two and a quarter percent. keep it clear. they beat estimates. timely, yesterday's shocking loser a winner today. gold is rising right now, $7. as you saw early yerl today, it was jumping significantly, up more than $10. it rebounded after yesterday's fall of more than a hundred dollars. it was the biggest dollar fall in history for gold yesterday, but trying to retrench showing a gain, just retrenching, bringing back 7 bucks of the loss. brent crude fell lowe $100 a barrel. a lot of things moving right now. the floor show, traders at the new york stock exchange, the imex, annie coal standing by on the floor picking traders' brains. first, our own brain picking here. i want to talk about the comeback. we did not erase the
and johnson gained more than 2% to $83 a she. >> goldman sachs and black rock gained points. goldman's chief financial officer said that the clients were cautious and black rock's chief executive officer said that new business was indicative of positive momentum. black rock gained more than 1 with % while goldman sachs lost nearly 2%. >>> shares at j.c. penney jumped 5.5% today on a report that the troubled retailer is considering ways to borrow against the real estate by issuing date. jcp closed at $15.19 a share. >> and whirlpool announced a dividend increase, saying that they expect a sustained growth. all the new homes coming out will need aappliances they sell kitch kitchen-aid and maytag products. they were up better than 3% today one. >> one of the stars of the market was ww granger. it sells equipment and supplies to other companies and institutions. their first quarter improved by 13% and led the s&p 500 gaining 7.5%. that works out to $16 to $241 a share. >>> and gold prices regained a bit of their glitter today, up $26 an ounce but that is coming off the biggest one day drop in pr
john kerry and the south korean prime minister. then, former goldman sachs employee on the wall street culture. later, another chance to see is a hutchinson as he delivers the nra report on gun violence in schools, followed by maryland congressman elijah cummings speaking about proposed gun legislation. >> secretary of state john kerry met with the south korean foreign minister today at the state department. they held a news conference to discuss issues including threats from north korea. from the state department ben franklin room, this is half an hour. >> good afternoon. it is a pleasure to welcome the foreign minister here today in washington. it is his first visit here to washington, and my first visit with him as secretary of state. we are both delighted to start off this way. two very close friends, countries that have traveled a very interesting journey together for 60 years now. we celebrate this alliance. for decades, the united states and the republic of south, the republic of korea have worked side-by-side as allied. we have stood up to a wide range of challenges over that t
. we have not seen this white house effectively harness and the -- any of the media. >> goldman sachs. >> one of the reasons i supported president obama was i did not want to see larry summers in the white house. [laughter] with hillary clinton, until the end of her campaign, there was not a sense of how she could bring her history to bear. it was very much a restoration ist campaign. he fell if you are going to get the clinton administration part 3. -- you felt as if you were going to get the clinton administration part 3. if you feel it was such a crisis and panic at that time as many say it was coming out of the calamitous bush administration into the tar, bringing in a team of rivals as obama talked about, all you had was larry summers and tim geithner. both of them have their control over the policies that led to the crisis. in my mind, that opened the door to the tea party. it opened the door to right-wing populism. people saw in this white house favoritism towards goldman sachs and the banks. the problem was the left populism has not emerged until now. for too long, many felt w
wall street executive greg smith reza resigned from goldman sachs last year and and not in "the new york times" about the firm's changing culture and loss of credit focus. he's since written a book called why i left goldman sachs a wall street story. he spoke to stanford university students about why he quit and the ethics of the wall street investment firms. this is just over an hour. >> political economy here at the stanford graduate school of business. this event, featuring greg smith and is co-sponsored by the center for ethics and society that has a year long seminar on the ethics of wealth, so there t are other parts of that seriesar that you might find interesting. ..of interest to you going forwd throughout the year. before we get started i want to say a few things. first of all greg is due at the bookstore at 6:00 p.m. so if you have detailed conversations you want to have with him that might be the appropriate forum for that. this is being recorded for c-span so this is for future brad cast on c-span. cast on -- broad c-span. we have microphones. greg will talk for about
started at goldman sachs. i had been courted by goldman sachs for three years before i got a job this the security sales department. helping individuals and small institutions manage their money. but tonight's show, like every show, is about learning how to trade and invest. my study with me at the university of hard knocks. so i will dispense with the anecdotes. first, that's where i began understanding the process of actually making money. money management, the ability to build a portfolio from the ground up. i had the best teachers in the world. lee cooperman put on a new investment clinic each day. but you know who i really learned from? my customers. chiefly wealthy individuals from all walks of life. it was at goldman that i learned something that these days can't be as understood. that is individuals actively beat the market. i had nondiscretionary accounts, meaning i wasn't allowed to invest anyone else's money with my own ideas unless i could win them over to make the purchase. that's where i made commissions. i was able to articulate that stock's idea in a way that made
&p futures close. david: a life line for goldman sachs about struggling retailer jcpenney. how can they save the company. >>> letterheading back to liz claman. she is live at the milken global conference. liz, what do you have coming up? >> boone is already schmoozing with 500 billers that. speaking of billionaires we've got one coming up. investor and self-made billionaire, jeff green. only here at the milken conference will they actually put in the book the market value of everybody who is here. more than $5 trillion. you can bet jeff green added to the pot on that one. what does he invest now? does he believe in the housing recovery? who is driving it? is it investors or those people with the dream of owning their first home and does it evener? we're coming back live from beverly hills at the milken institute global conference. ♪ [ male announcer ] at his current pace, bob will retire when he's 153, which would be fine if bob were a vampire. but he's not. ♪ he's an architect with two kids and a mortgage. luckily, he found someone who gave him a fresh perspective on hisortfolio. and wi
street executive greg smith resigned from goldman sachs about a year ago and he wrote an op-ed about a year ago. he has since written a book goldman y i left sachs, a wall street story." he recently spoke to sanford students about why he left and the ethics of wall street investment firms. this is just over an hour. >> professor of political economy here at the stanford graduate school of business. this event is cosponsored by the center for ethics in society which has a year-long series of seminars on the ethics of wealth. there are other parts of that series you may find interesting. this may be of interest to you going forward throughout the year. before we get started, i want to say a few logistical things. greg is doing an event at the bookstore at 6:00 p.m., if you have detailed conversations you want to have, that might be the appropriate for them. -- forum for that. secondly, this is being recorded by c-span, so this is forced future broadcast, just so you know if you are asking a question, you may wind up on television. because of that, we have microphones for q&a, so he wi
, as goldman sachs partners with the city of new york to keep teenagers from returning to prison. >> we believe that we will make 5% on this. and we're not doing it to be charitable, we're doing it because it's an investment. >> woodruff: and as funeral arrangements are set for former prime minister margaret thatcher, we assess the divisive policies of the "iron lady." that's all ahead on tonight's newshour. >> major funding for the pbs newshour has been provided by: >> more than two years ago, the people of b.p. made a commitment to the gulf. and every day since, we've worked hard to keep it. today, the beaches and gulf are open for everyone to enjoy. we shared what we've learned so that we can all produce energy more safely. b.p. is so committed to america. we support nearly 250,000 jobs and invest more here than anywhere else. we're working to fuel america for generations to come. our commitment has never been stronger. >> bnsf railway. >> and by the bill and melinda gates foundation. dedicated to the idea that all people deserve the chance to live a healthy, productive life. >> and with the
goldman sachs has a friend that says the people don't need windows 8. it remind me of dog food. can you advertise all you want but the dogs won't eat it. >> our road map starts with the markets setting up for another open to the up side coming off the strongest three-day rally of the year. all three major indices setting new records along the way. microsoft took it on the chin this morning, combination of downgrades and new data revealing a drop in pc sales. shares of yum! brands under pressure today. as the song goes, stand by your man -- or store, in this case. activist investor bill ackman says he's not giving up on jcpenney. in fact, he's doubling down. >>> one day after an historic session on the street, both dow component and s&p 500 hitting all-time close highs. blue chips less than 200 points away from 15,000 and the s&p within 13 points of 1,600. the nasdaq closed at a fresh 12-year high. jim, it has been an extraordinary run for the stock market. >> it's been one for the books. my take on this run is, it is very unusual to have the cyclicals, the techs, the financials and the
or not pcs are dead. an analyst that i am talking about is saying no. let's start with goldman sachs. they downgraded microsoft from a hold to a cell. they have lowered the price target for microsoft from dirty dollars down to $27. here is why goldman sachs may get it wrong. they say with the recent upgrade cycle, we expect the windows operating system revenue can still increase. morningstar has a price target of $35 on microsoft. they will lower the licensing fees. also, microsoft cannot count them out. you have intel coming up with a chip that they will unveil this summer which will save something like 30% of battery life which will help notebooks, as well as tablets. at the end of the day, people are not giving up pcs, they are delaying replacement of pcs. 75% were replacement in 2011. pc is not dead, we are just waiting longer to replace them. melissa: isn't the tablet contributing to that? >> absolutely. melissa: it slows down when you go and replace your laptop or your pc because you do not use it quite as much. >> absolutely. we sell pc shipments fall worldwide radical changes
't viewed as light as the two independent brokers, goldman sachs and morgan stanley, which haven't regained much of their footing and became two of the most disliked stocks in the market. at least when it comes to their book value. did anyone slash their forecast more visibly than caterpillar? talk about missed earnings. if largest manufacturer in the dow failed to deliver multiple caps, even though the stocks flecked those already. heck, two of the largest food purchase vayors in the world, mcdonald's and starbucks, reported to me what looked like terrific numbers. when you dove underneath the hood, some saw weakness, weak comparable sales numbers. critics showed them as a gross margin issue in china that, reversed starbucks in after-hours trading. even starbucks posted an amazing 7% same sales growth and to me put the idea that the u.s. is saturated. both stocks are coming back now. i think that's right. but there is no denying the quarters were roundly panned. so, now we got them all. let's go over this. what did happen? what happened to the averages after disappointment, disappointment,
. a source telling cnbc that former goldman sachs matthew taylor surrendered to fbi agents at the courthouse this morning around 8:30 a.m. and this following a securities fraud investigation. he is expected to appear in court later this morning. it's unclear yet how he will plead. it appears to be related to an investigation or some charges that were filed against mr. taylor earlier by the cftc in a civil case back he was accused of defrauding his former employee goldman sachs. back in 2007 when he was a trader there he accumulated a huge position over $8 billion in s&p future which is cost goldman sachs over $118 million to unwind. he accumulated that position by bypassing the risk controls on goldman. goldman did flag regulators about this and he, of course, mr. taylor, later left the firm. goldman sachs declining comment and calls and emails to mr. taylor's lawyers have not been returned. >> thanks, mary thompson, for that update. >>> dominion resources has been capitalizing on the gas boom. last night on "mad money" ceo thomas ferrell told jim how encouraging it is to encourage drillers
connection linking riker's island, goldman sachs, and a private charitable foundation. but they're all part of a new way to finance government social services through private investment. the newshour's economics correspondent, paul solman, looked into the project as part of his ongoing reporting, "making sense of financial news." >> solman: new york city's infamous riker's island jail, responsible for the bulk of the city's billion-dollar corrections budget. it's home to 88,000 inmates a year, many of them regular repeat offenders. >> complete turnstile. >> solman: rockefeller foundation president judith rodin has been as despairing as most social reformers about so- called turnstile recidivism and its costs, both to the taxpayer and to society. >> these people don't get put back in prison for doing nothing, so there's all the social cost of what next crime they commit during this period and throughout the remaining periods that make them go back, and back, and back numerous times. >> solman: but in 2010, rodin heard about a new financial approach to recidivism: social impact bonds. >> this
to be a good trader. now we're up to the professional grade, my time when i started at goldman sachs. i had been courted by goldman sachs for three years before i got a job this the security sales department. helping individuals and small institutions manage their money. but tonight's show, like every show, is about learning how to trade and invest. my study with me at the university of hard knocks. so i will dispense with the anecdotes. trying try to teach you how to make money from the events that occurred when i was at goldman. first, that's where i began understanding the process of actually making money. money management, the ability to build a portfolio trt ground up. i had the best teachers in the world. lee cooperman put on a new investment clinic each day. hardly an hour went by when i heard a great new idea walking down the hall. but you know who i really learned from? my customers. chiefly wealthy individuals from all walks of life. it was at goldman that i learned something that these days can't be understood by so many professionals at this business. that is individuals activel
. she explains why goldman sachs is upgrading its outlook for stocks this summer. that's coming up. >> also, is apple really losing its shine or are investors unjustifiably sour of the company's earnings. we'll decide the debate on apple, coming your way. stay with us. i know what you're thinking... transit fares! as in the 37 billion transit fares we help collect each year. no? oh, right. you're thinking of the 1.6 million daily customer care interactions xerox handles. or the 900 million health insurance claims we process. so, it's no surprise to you that companies depend on today's xerox for services that simplify how work gets done. which is...pretty much what we've always stood for. with xerox, you're ready for real business. >>> welcome become. apple shares lower today despite beating wall street's earnings expectation last night when the company reported. but take a look what's happened in the last couple of minutes. the stock is in positive territory, reversing earlier losses at $406.73. seema mody breaking down why apple matters so much to the rest of the market. >> beside
their quarters weren't viewed as light as the two largest independent security brokers. goldman sachs and morgan stanley. which still haven't regained much of their footing and became two of the most disliked stocks in the market. at least when it comes to their book value versus share prices. did anyone, did anyone slash their forecast more visibly than caterpillar? talked about missed earnings. the largest manufacturer in the dow failed to deliver on multiple counts even as the stock seemed to reflect those woes already. heck, two of the largest food purveyors in the world mcdonald's and starbucks reported to me what looked like terrific numbers. when you dove underneath the hood, some looked weakness. weak numbers around the globe for mcdonald's. gross margin issue in china that reversed starbucks in after-hours trading. they were both laided disappointing. starbucks posted a 7% domestic same-store sales growth. both stocks are coming back now. i think that's right. but there's no denying that the quarters were panned. so now we have them all. let's go over this. what did happen? what happene
-cola helping the dow along. one name came out with their report, goldman sachs down 1.8% because of their first quarter numbers. one thing they did say the revenue they're seeing from client trading that actually fell about 10%. that raises obviously concerns going forward. we've seen some of the financials mixed. other names are doing quite well but you are seeing goldman sachs to the downside after what we saw there. year-to-date it is still a winner. it is up 1% this year. back to you. lori: nicole, thank you as always. we want to keep up to date with the latest on the boston attacks. boston police giving an update on number of people hurt in yesterday's attacks. 117 wound, 7 people are critically wounded and two three people were killed. no unexploded bombs have been located. a saudi national has been taken in for questioning as quote, pen of interest for the bombings. boston police said now no one is in custody. a little an hour ago the president speaking on the boston attacks calling the bombings an attack of terrorism. how the attack may impact american business, our economy and our nati
the conviction buy list at goldman sachs. goldman sachs has a list called conviction -- i don't think any firm, especially goldman sachs, can have conviction and -- >> and now they have no constriction on apple. the analyst sites that the company's most recent product was tort. the target was cut from 7735 to 6/6to 660. hewlett packard was downgraded from sell to neutral at goldman sac sachs. and the price target there at 16. finally, goldman sachs downgraded -- oh, they were making the moves. now i guessback of america is downgrading goldman to neutral from buy at bank of america merrill lynch. >>> when we come back this morning, facebook is reportedly courting an online dating site to have re buffaloed. >>> first, as we head to break, take a look at yesterday's winners and losers. zap technology. departure. hertz gold plus rewards also offers ereturn-- our fastest way to return your car. just note your mileage and zap ! you're outta there ! we'll e-mail your receipt in a flash, too. it's just another way you'll be traveling at the speed of hertz. >>> making headlines, facebook is reportedly
into the world of wall street, the markets and goldman sachs. the c.o.o. gary cohn is coming up. >>> and a live one on one with mcdonald's ceo don thompson tomorrow. we'll hear of his recipe for growing the fast food chain in this economic environment. >>> dow got walloped on proctor yesterday. 3m today won't help. futures are wide open at 42. back in a minute. [ female announcer ] it's time for the annual shareholders meeting. ♪ there'll be the usual presentations on research. and development. some new members of the team will be introduced. the chairman emeritus will distribute his usual wisdom. and you? well, you're the chief life officer. you just need the right professional to help you take charge. ♪ >>> shares of amazon up in the premarket ahead of the company's after-the-bell earnings tonight. published reports say the online retailer is developing a set-top box to stream video content. product is said to be due for release some time this year. there may be no better stock where the fundamental analysts and the technical analysts argue. right? i mean i think -- i don't know what the
. goldman sachs closing their lungs. great timing on their part. that is the bright spot. >> check out where we offer how are the gold etfs holding up? >> what we're seeing is very, very heavy volume. that's the biggest gold etf. 65 million shares. four times more than normal. before this last week we used to do 10 million shares. same thing with a silver trust there. and you can see big drops in other precious metals like palladium and platinum as well. some other knock ones. pawnshops are gold that is worth a lot less and they are getting hit today. some of the big jewelry dmams are down now. earlier in the day we were doing fine because defensive names were holding up very well. we are 6-1 declining to advancing stocks. rsh when you see it selling off, what is the physical dynamic in the response of people who manage that etfs? >> they don't have to sell. they are moving gold from the vault where the etf is to the vault where the custodian is. >> as you know there are two sides to every trade. >> it's certainly been a blood bath for anybody going long gold today. the $18 billion hedge fun
: we were trying to book spencer. we would put you both on together. goldman sachs closing its or position on gold. sandra: taking a look at gold prices. not giving a boost to gold prices right now. here is what goldman sachs is saying. they came out with a bit calling they believe gold prices will fall even further. now, they are saying we aren't out of the trade. however, they are laying in the very near term am a gold prices could fall further. they are doing around and they are bullish now. they are saying gold has the potential to gain another 10% from these prices. they are caught however, bearish near-term on the rest of the commodities complex. they are bearish on oil prices. they are bearish and the soft commodity complex like coffee. most of these calls are based on weak demand for these products from china. rather, we have the week numbers out of the chinese economy early last week. they are pretty much bearish on all of the commodities. they are saying that gold may turn around. connell: thank you, sandra. let's turn to brian jacobson a busy day in the markets overa
drop since gold futures began trading in 1974. we know goldman sachs has cut the 12 month price target on gold at 1390. now talking at 1300, but a big fight breaking out among the analysts would talk to. that is they didn't get it right about apple, so how can i get it right about gold? it is caught in a commodities selloff, a perpetuating cycle right now, trading down about $125 right now. the storyline we are seeing is the bear market after the friday drop, a two-day slump we have not seen since march '83. even going back to 1974. the s&p spider on the etf, the volume at a four-month high. look at this, five times the average daily volume versus the last three months. gold assets are at their lows. that is what we're watching in the action here. the other storyline we are hearing about with gold is at the housing market recovers, real estate recovers, they could be better inflation hedges. more productive than gold, and china growth stories. a very heavy user of metals and commodities as the commodities selloff because of the chinese growth, gold is taking a hit as well. i will send
today, goldman sachs tossing jcpenney a lifeline in the form of a $1.75 billion loan. adam's in the news room with details. give us perspective. how much does it help them being under serious duress? >> i could give you 1.75 reasons why it's good. the ceo, ceo before, in charge again, they all said that jcp, jcpenney, faced a cash problem, so they shored up the rereceivers, look at the quote from the chief financial officer saying this one and three-quarter billion line of credit is, quote, will give us the financial strength we need to meet our current funding requirements. now, as we look at video of jcpenney stores, this loan is secured, mostly, we're told, by their vast real estate holdings and other assets. i keep checking for the aq to see what other assets are on the line for this, not posted yet, but in addition to this line of credit, this is a company taking on a lot of debt, $850 drawdown from a line of credit they have from jpmorgan chase and wells fargo with a billion dollar line of credit lined up with bank of america, so they are replenishing the inventory, have the cash t
significant. >> and rick santelli, gold plunging, nobody loves gold these days. goldman sachs put out a report. they want to short gold. cyprus is selling gold in size right now. what do you make of all of that? >> yeah, i'm sure that goldman call had something to do with cyprus. many reporting, including dow jones, that cyprus is looking to sell 400 million euros worth of gold. keep in mind, five months ago i talked about this on one of the exchanges i do. if you look at italy, they have $140 billion worth of gold. this might be at least an answer to help fund bailouts, bail-ins, whatever you want. but one thing's for sure. the bit coin story shows how little confidence investors have in central banks. but that is no panacea of happiness. they're really crying today. anybody who can see a chart of bit coin, get this, it has had a move from 2.70 down to 1.50. the bid offer is now 150 wide. that's a 40 to 50% correction in one day. >> we don't have time to go into the bit coin story right now, but google bit coin is a fascinating story. if you haven't been following this, it's one of the real i
. but the huge breakdown came last week when goldman sachs issued a bearish recommendation on precious metal, came out around 4:30 in the morning, i was shocked. down a lot. as it turned out that level turned out to be the starting point for the accelerated selling. the starting point, not the end. and garner thinks 1450 could act as a ceiling of resistance on the way back out. in other words, a lid. think of it as a lid. take a gander at the relative strength index, the rsi that i often talk about, okay? this is an important momentum indicator that can help measure whether a stock or a commodity like gold has become overbought or oversold. and something incredible has happened here, people. it has dipped below 30. i mean that, is just incredible. that is huge oversold territory. for the first time since, well, before the financial crisis. in fact, looking back over the last decade, garner couldn't find a single instance in which the gold market was more oversold than now. so it's no wonder that gold bounced today. as anything that gets this oversold is a prime candidate to rebound. i love t
market prices are going straight up. [inaudible] >> big rigs. this is goldman sachs and citigroup and jpmorgan chase and deutsche banc. they have the customers and the ability to warehouse and get all the legal stuff together. but that's too difficult, too hard. there were none of dead people to give mortgages do, which is what they were doing in las vegas. the guy who did it -- actually a guy engaged in fraud was not late one of these mortgage companies got reworded as employee of the year even after he was caught. so this is big business. so they decided to do this and do this emphatically. they can create the same things through credit default swaps. they obtained the space-time football players, right? they figured out how to do that as well. they did this whole thing is that they are not, but they didn't own them. they said the same thing up serious at-bats. pretend you on these mortgages on las vegas nbc new york and is in florida. to see what happens to them and was at the same thing out. again, too complicated to explain. here's where the hedge funds came in. [inaudible] >
months to file damage claims. >>> goldman sachs put a gold rating on the computer chip maker. efforts to turn around the company could be undermined by weak sales of pcs. hp closed at $22 a share. >>> it's a fairly nice afternoon in most places. at least away from the coast. we've got low clouds along the coastline. banked up against the coast the entire day. giving you this live look here into san francisco. a finger of fog beginning to spread over the city. if you look very, very far back off in the left corner you can see sutro tower. the tip almost at 1,000 feet so that marine layer is pretty shallow but still hugging the coastline. a pretty good on shore breeze and you can see from that camera shot that we showed you, low clouds, patchy fog will be back with us for tonight and into tomorrow morning. right now 68 degrees in concord. 66 in napa. 70 in walnut creek. for today upper 50s is what we felt along the coastline. 50s along the bay, low 70s for some of our warmer inland commune -- communities. some of the warmer spots creeping up a few degrees. so our dry days are numbered.
. a former goldman sachs trader faces up to 20 years in prison after pleading guilty to wire fraud. matthew taylor surrendered to the fbi wednesday. the cftc accused him in november 2012 of hiding an $8-billion position on a futures contract that cost goldman more than $118 million. his bond is set for $750,000. defense stocks are rallying in the face of sequestration. since march 1st, boeing's stock is up 9.6%. lockheed martin has gained 8.3%. northrop grumman and raytheon are both up 6%. analysts sense it's a relief rally considering defense stocks took a hit on sequestion deadline fears. thehill.com reports the real threat is in september, when budget cuts take effect. generic versions of blockbuster perscription drugs may be overpriced at some pharmacies. consumer reports sent secret shoppers into 200 pharamcies. they checked prices on copycats of actos, lexapro, lipitor, plavix and singulair. the survey found cvs charging $150 per month for generic cholesterol drug lipitor, which sold at costco for $17. cvs calls the survey too small to draw conclusions. consumer reports advises it's
to invest, as goldman sachs partners with the city of new york to keep teenagers from returning to prison. >> we believe that we will make 5% on this. and we're not doing it to be charitable, we're doing it because it's an investment. >> woodruff: and as funeral arrangements are set for former prime minister margaret thatcher, we assess the divisive policies of the "iron lady." that's all ahead on tonight's newshour. >> major funding for the pbs newshour has been provided by: >> more than two years ago, the people of b.p. made a commitment to the gulf. and every day since, we've worked hard to keep it. today, the beaches and gulf are open for everyone to enjoy. we shared what we've learned so that we can all produce energy more safely. b.p. is also committed to america. we support nearly 250,000 jobs and invest more here than anywhere else. we're working to fuel america for generations to come. our commitment has never been stronger. >> bnsf railway. >> and by the bill and melinda gates foundation. dedicated to the idea that all people deserve the chance to live a healthy, productive life
your stops underneath as an investor. as a trader look for better opportunities. > >goldman sachs is bearish on gold. would you short gold at these levels? what do you think ? > > i don't think so. as we've talked about previously i think this 1550 level in gold is a key level. now, if we break below 1550, i think then it becomes your short. but we've been able to bounce off that level and i don't see any reason to want to sell the bottom of the market. typically the analysts sell the bottoms and buy the tops. > > moving now to natural gas, a hurricane is a comin. it looks like there is a 72 percent chance we'll have a big one this year and that could move the natural gas market. what do you see there? > > that's always possible. natural gas has become very cheap. it's on multi-year lows with a little bit of a spike over the last few days but if we get what they're looking for we're gonna get a spike up in natural gas. if not, it's gonna continue to languish because there is a tremendous supply and the biggest help for them would be if they closed down the refiners. > > thanks a l
for outgoing american airlines ceo tom horton.goldman sachs' llyod blankfein's paycheck drops 18% to 13.3 million. facebook's ipo drama will cut into nasdaq's ceo bonus by about a half million. however, pay is on the rise for exxon mobil's ceo, he's getting a 15% pay increase, to 40 million dollars. and earnings for mcdonald's don thompson will pay triple -- to 13.75 million. the supreme court is expected to hear arguments in a case over "human genes".the myriad genetics company holds patents on several genes. myriad uses the genes in testing for breast and ovarian cancer treatments.it's up to supreme court whether companies can patent human genes.myriad shares have fallen roughly $5 dollars since november when the nations high court agreed to hear the case. popular drug store chain cvs is being investigated for unauthorized prescription refills.investigations by the la times found the chain signed up customers for automatic prescription refills without their consent. cvs claims customers are always asked before being enrolled.cvs also says customers can call 1 800-shop-cvs for probl
as it tightens up. it's estimated that the nation's top credit card company earned $8 billion. yesterday, goldman sach's $2.2-billion profit topped wall street's forecast. regulators could be closer to putting the clamps on jp morgan because of its dealings with ponzie schemer bernie madoff. madoff is serving a 150-year prison term for costing investors millions of dollars in a massive money scheme. the office of the comptroller of the currency could issue a cease-and-desist order later this year against the bank. a trustee for madoff's victims accuses jp morgan chase of turning a blind eye to signs madoff was a fraud. "people are going after banks right now because they have a history of looking the other way. there's another case recently filed and pending in florida involving scott rothstien, who conducted one of these ponzi schemes, and his banks were successfully sued." that was attorney hugh totten of valorem law group. jp morgan served as madoff's main bank for two decades. bank officials contend there was no evidence of a scheme. the european parliament has voted in favor of reforms to it
than the same period a year earlier. citigroup, morgan stanley and goldman sachs beat examinations. the tech bellwether dipped below $400 a share this week, just seven months after hitting a record high of above $700 a share. concerns that product sales will not be keeping up with the possible glut of inventory there exxonmobil once again surpassed apple as the world's most valuable company this week. and seaworld made a splash. the entertainment and theme park company began trading on the new york stock exchange on friday with an ipo price at $27 a share, the deal raised some $700 million. >>> austerity persisting in britain and europe, despite forecasts of downgraded growth in the uk and recession in the single currency eurozone. this coming from the spring meetings of the international monetary fund and the world bank, where i spoke to the former head of germany's central bank, axel webber, now c
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